Sava Re,d.d · LJSE:POSR
Sava Re,d.d — H1 2026 Earnings Presentation
32 slides from Sava Re,d.d's earnings presentation, Aug 21, 2026
Slide 1: Presentation of Results 1–6/2026
SAVA INSURANCE GROUP Presentation of Results 1–6/2026 21 August 2026
Slide 2: Contents
CONTENTS 01 Group results 02 Segment reporting 03 Financial investments 04 Sava Re share and dividend policy 05 Solvency position
Slide 3: Group Results
01 GROUP RESULTS
Slide 4: Performance highlights
Performance highlights • Life +21.5% Business volume Combined ratio Solvency ratio Top-up premiums to existing policies and stronger sales of new policies €672.5m • Non-life +5.2% Growth in number of policies and average premiums, along with effects 90.7% 62.6% 28.1% 219%–223% of large insurance con
Slide 5: Growth in business volume across all operating segments
Growth in business volume across all operating segments Business volume by segment +10.3% (€m) 672.5 609.5 +3.1% 328.6 339.0 +22.3% +18.4% +16.0% +11.7% +14.5% +13.8% 99.0 121.0 91.4 108.2 63.9 74.1 7.4 8.2 15.4 17.6 3.9 4.4 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and as
Slide 6: Life EU leads growth in business volume
Life EU leads growth in business volume Change in business volume by segment (€m) +10.3% +10.2 +0.9 +2.2 +0.5 672.5 +16.8 +22.0 +10.3 609.5 1–6/2025 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and Other 1–6/2026 asset management Sava Insurance Group • Presentation of results
Slide 7: Profit before tax broadly unchanged compared to the same period last year
Profit before tax broadly unchanged compared to the same period last year Profit before tax by segment -3.8% (€m) 73.9 71.1 -35.1% 45.2 29.3 +97.0% +18.7% 18.3 13.3 +30.1% 11.2 -18.2% 9.3 +209.6% 6.5 4.9 4.0 5.0 0.5 1.4 -2.2 -1.8 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions a
Slide 8: Profit in non-life segments impacted by less favourable claims experience
Profit in non-life segments impacted by less favourable claims experience Change in profit before tax by segment (€m) -3.8% 73.9 +1.5 +0.4 71.1 +9.0 +1.0 -0.9 +2.1 -15.9 1–6/2025 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and asset Other 1–6/2026 management Sava Insurance G
Slide 9: Combined ratio remains at a very favourable level
Combined ratio remains at a very favourable level Combined ratio (non-life and reinsurance) 90.7% 86.0% 28.1% Expense ratio 27.2% • Loss ratio: higher due to increased natural catastrophe losses in Slovenia and Croatia and 4.6% other major loss events Nat cat loss ratio 2.1% • Expense ratio: higher
Slide 10: Growth in contractual service margin (CSM)
Growth in contractual service margin (CSM) CSM movement in life insurance 1–6/2025 CSM movement in life insurance 1–6/2026 (€m) (€m) +6.7% +7.9 +14.4 +0.9 +3.0% 184.0 -11.7 +14.3 +0.9 +0.2 172.5 165.8 160.9 -10.5 CSM balance New Accretion Change in Release CSM balance CSM balance New Accretion Chang
Slide 11: Performance against plan
Performance against plan Business volume growth Return on equity 10.3% 14.1% > 12% > 5% 1–6/2026 2026 plan 1–6/2026 2026 plan Combined ratio Profit, net of tax As % of plan (€m) 90.7% < 93% > 95 58.6% 55.6 1–6/2026 2026 plan 1–6/2026 2026 plan Sava Insurance Group • Presentation of results 1–6/2026
Slide 12: Segment Reporting
02 SEGMENT REPORTING
Slide 13: Non-life EU: impact of natural catastrophes and other major claims
Non-life EU: impact of natural catastrophes and other major claims Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written -53.1% 9.7 Net FX gains/ 41.1 losses €339.0m 19.2 3.4 6.4 -2.7 12.5 0.1 -2.9 +3.1% 1–6/2025 -0.3 1–6/2025 1–6/2026 1–6/2025 1–6/2026
Slide 14: Life EU: favourable claims experience and revenue growth
Life EU: favourable claims experience and revenue growth Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written +23.4% 2.9 2.6 10.7 €121.0m 8.6 4.0 3.7 +22.3% 1–6/2025 -1.1 -1.1 1–6/2025 1–6/2026 1–6/2025 1–6/2026 • Growth driven by top-up premiums to exi
Slide 15: Reinsurance: strong premium growth
Reinsurance: strong premium growth Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result 2.3 written +64.2% Net FX losses 16.2 4.6 €108.2m 9.9 4.0 -3.2 1.0 -3.4 -1.9 -0.9 +18.4% 1–6/2025 -0.1 1–6/2025 1–6/2026 1–6/2025 1–6/2026 • Growth in gross premiums by capi
Slide 16: Non-life non-EU: impact of major fire loss
Non-life non-EU: impact of major fire loss Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) -34.2% (€m) result written 3.2 1.8 1.4 €74.1m 2.1 2.0 2.5 +16.0% 1–6/2025 -0.6 -0.7 1–6/2025 1–6/2026 1–6/2025 1–6/2026 • Growth in number of policies and average • Deterioratio
Slide 17: Life non-EU: revenue growth and more favourable claims experience
Life non-EU: revenue growth and more favourable claims experience Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written +145.2% 0.2 1.2 0.3 €8.2m 0.5 0.6 -0.3 0.8 +11.7% 1–6/2025 -0.6 1–6/2025 1–6/2026 1–6/2025 1–6/2026 • Premium growth in unit-linked an
Slide 18: Pensions and asset management: strong inflows and favourable financial market returns
Pensions and asset management: strong inflows and favourable financial market returns Asset management AuM movement in pension savings funds and asset management funds (€m) revenue +15.1% +261.4 2,860.3 €15.6m 2,485.5 +178.3 -62.1 -2.8 -0.1 +21.0% 1–6/2025 31/12/2025 Inflows Outflows Transfers Net i
Slide 19: Other: improved results of the associate company
Other: improved results of the associate company Profit or loss before tax Composition of profit or loss before tax 1–6/2025 (€m) (€m) 1–6/2026 0.6 Assistance 0.5 -1.8 0.9 -2.2 Associate company 1.2 1–6/2025 1–6/2026 Interest expense -3.3 on subordinated debt and segment expenses -3.3 • Improved per
Slide 20: Financial Investments
03 FINANCIAL INVESTMENTS
Slide 21: Investment portfolio and AuM
Investment portfolio and AuM Investment portfolio and assets under management (consolidated) (€m) Sredstva v upravljanju +11.6% 3.378 mio € 5,740 +12.9% 5,142 5,207 4,975 1,148 4,709 4,556 4,556 919 929 852 764 Mutual fund assets 743 710 1,080 Assets of 892 895 Assets under management 854 policyhold
Slide 22: Large share of fixed-income investments
Large share of fixed-income investments Investment portfolio Composition of investment portfolio 87.7% Fixed-income investments 85.9% €m 31/12/2025 30/6/2026 Change 2.5% Fixed-income investments 1,547.6 1,545.1 -2.5 Shares and mutual funds 3.1% Government bonds 946.7 888.0 -58.7 4.4% Alternative fun
Slide 23: Large share of government bonds
Large share of government bonds Fixed-income investments Composition of fixed-income investments 61.2% €m 31/12/2025 30/6/2026 Change Government bonds 57.5% Fixed-income investments 1,547.6 1,545.1 -2.5 Corporate and 30.6% Government bonds 946.7 888.0 -58.7 financial bonds 34.7% Corporate and financ
Slide 24: Net investment income and rate of return
Net investment income and rate of return Change in €m and pp Index €m 1–6/2025 1–6/2026 2026/2025 2026/2025 Net investment income 18.9 26.3 7.5 139.7 Interest income 15.1 18.1 3.0 119.5 Change in fair value of FVTPL assets 1.3 5.2 3.9 411.3 Dividends of equity investments and income of alternative f
Slide 25: Secure and stable investment portfolio
Secure and stable investment portfolio Fixed-income investments by credit rating Fixed-income investments by region Not rated 2.0% 2.2% 1.6% 1.8% Other 7.2% 7.0% B 7.4% 7.5% BB USA 10.9% 12.2% BBB 11.3% 9.9% Non-EU 12.4% 12.8% countries A 33.6% 32.9% 89.0% 88.5% EU countries 62.9% 62.5% AA 19.7% 20.
Slide 26: Sava Re Share and Dividend Policy
04 SAVA RE SHARE AND DIVIDEND POLICY
Slide 27: Shareholders and share trading
Shareholders and share trading Total shareholder Market capitalisation Share price Key share data as at 30/6/2026: return* as at 30/6/2026 as at 30/6/2026 Trading symbol: POSR No. of shares issued: 17,219,662 50.3% €1.3bn €81.40 No. of treasury shares: 1,721,966 No. of shareholders: 4,998 Sava Re sh
Slide 28: Dividend policy
Dividend policy Dividend, dividend yield and dividend payout ratio (dividend payout as % of previous year’s net profit) Dividend policy 23.4% 30.5% 36.3% 41.9% 39.7% 37.4% 35%– 45% 2.8 2.6 8 7 2.4 6.5% payout from net profit of the 2.2 5.9% Sava Insurance Group 6 2.0 5.1% 1.8 5 1.6 4.0% 1.4 3.4% 2.7
Slide 29: Solvency Position
05 SOLVENCY POSITION
Slide 30: Strong solvency position
Strong solvency position Solvency ratio – estimate Solvency ratio Solvency ratio – realised Over- Additional capitalisation Over- engagement capitalisation or return > 250% Acceptable of capital overcapitalisation 210% Optimal Acceptable Seeking capitalisation overcapitalisation ways to 170% Subopti
Slide 31: Thank you.
THANK YOU. Additional information: ir@sava-re.si
Slide 32: Cautionary statements and notes
Cautionary statements and notes Forward-looking statements This document may contain forward-looking statements relating to the expectations, plans or goals of the Sava Insurance Group (the Group), which are based on estimates and assumptions made by the management of Sava Re (the Company). By their